Iraq oil exports rise to 2.622m bpd in Oct

Baghdad, November 22, 2012

Iraq's oil exports rose to 2.622 million barrels per day (bpd) in October from 2.6 million the previous month, the oil ministry said on Thursday.

Revenues derived from oil last month were $8.578 million, with an average selling price of $105.5 per barrel, the ministry said.

"Iraq October oil exports were more than September despite repeated halts from the southern ports due to bad weather and sabotage actions against the Kirkuk-Ceyhan pipeline," oil ministry spokesman Asim Jihad said.

"Exports are expected to keep heading towards record levels for the next months."

Iraq's oil production, which stagnated for years due to war and sanctions, started to rise in 2010 after Baghdad secured service contracts with companies such as BP Plc, Exxon Mobil, Eni and Royal Dutch Shell.

Exports from the southern ports of Basra reached 2.171 million bpd and 451,000 bpd were exported from the northern fields of Kirkuk via Ceyhan.

Opec member Iraq has the world's fourth-largest oil reserves and is targeting exports of 6 million bpd by 2017, which would see it overtake its neighbour and fellow Opec member Iran. – Reuters